NWQ Investment Management Company LLC cut its position in shares of Coherent, Inc. (NASDAQ:COHR) by 27.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 324,672 shares of the scientific and technical instruments company’s stock after selling 122,281 shares during the quarter. Coherent accounts for about 1.2% of NWQ Investment Management Company LLC’s investment portfolio, making the stock its 15th largest holding. NWQ Investment Management Company LLC owned about 1.31% of Coherent worth $91,629,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Crossmark Global Holdings Inc. bought a new stake in shares of Coherent during the third quarter valued at about $838,000. Victory Capital Management Inc. acquired a new stake in Coherent during the 3rd quarter worth about $21,595,000. State Board of Administration of Florida Retirement System boosted its position in Coherent by 5.6% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 27,702 shares of the scientific and technical instruments company’s stock worth $6,515,000 after acquiring an additional 1,460 shares during the period. State of Tennessee Treasury Department acquired a new stake in Coherent during the 3rd quarter worth about $4,703,000. Finally, Prudential Financial Inc. boosted its position in Coherent by 7.6% during the 3rd quarter. Prudential Financial Inc. now owns 16,786 shares of the scientific and technical instruments company’s stock worth $3,948,000 after acquiring an additional 1,191 shares during the period. Hedge funds and other institutional investors own 98.38% of the company’s stock.
Several brokerages have recently issued reports on COHR. BidaskClub upgraded Coherent from a “hold” rating to a “buy” rating in a report on Thursday, January 18th. Barclays set a $325.00 target price on Coherent and gave the stock an “overweight” rating in a report on Thursday, February 8th. Stifel Nicolaus dropped their price target on Coherent from $330.00 to $310.00 and set a “buy” rating on the stock in a research report on Thursday, February 8th. Northcoast Research reaffirmed a “buy” rating and issued a $314.00 price target on shares of Coherent in a research report on Monday, February 12th. Finally, Zacks Investment Research upgraded Coherent from a “hold” rating to a “buy” rating and set a $337.00 price objective on the stock in a research report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $312.22.
Shares of Coherent stock traded down $11.96 during midday trading on Monday, reaching $209.70. The company had a trading volume of 500,525 shares, compared to its average volume of 632,933. Coherent, Inc. has a 1 year low of $184.37 and a 1 year high of $329.00. The firm has a market capitalization of $5,501.98, a PE ratio of 23.91 and a beta of 0.84. The company has a quick ratio of 2.08, a current ratio of 3.18 and a debt-to-equity ratio of 0.42.
Coherent (NASDAQ:COHR) last released its quarterly earnings data on Wednesday, February 7th. The scientific and technical instruments company reported $3.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.52 by $0.02. Coherent had a return on equity of 29.82% and a net margin of 11.79%. The company had revenue of $477.60 million during the quarter, compared to analysts’ expectations of $474.21 million. During the same period last year, the firm posted $2.57 earnings per share. The business’s revenue was up 38.0% on a year-over-year basis. sell-side analysts forecast that Coherent, Inc. will post 14.62 earnings per share for the current fiscal year.
Coherent declared that its board has initiated a stock repurchase plan on Wednesday, February 7th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other Coherent news, EVP Paul F. Sechrist sold 1,372 shares of Coherent stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $300.00, for a total transaction of $411,600.00. Following the transaction, the executive vice president now directly owns 2,497 shares of the company’s stock, valued at approximately $749,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen A. Skaggs sold 500 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $212.27, for a total value of $106,135.00. Following the completion of the transaction, the director now directly owns 10,500 shares in the company, valued at $2,228,835. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This article was originally reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this article on another site, it was illegally stolen and reposted in violation of US and international copyright law. The original version of this article can be read at https://www.dispatchtribunal.com/2018/03/19/nwq-investment-management-company-llc-reduces-position-in-coherent-inc-cohr.html.
Coherent Company Profile
Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
Receive News & Ratings for Coherent Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coherent and related companies with MarketBeat.com's FREE daily email newsletter.